SAN JOSE, Calif.--(BUSINESS WIRE)--Functionize,
creator of the first truly intelligent, cloud-based software testing
solution, today announced the closing of a Series-A investment of $16
million led by Canvas Ventures. This financing accelerates the market
adoption of Functionize’s proprietary natural language processing (NLP)
solution for enterprise-level software testing. Now testers and
developers can experience the true value of a cloud-first approach,
expediting testing and speeding up the entire development cycle. Current
customers include TOTVS, Zenefits, and Agvance and a first-class partner
ecosystem including Google, SHI, Wipro, Marlabs, and SQALogic. Customers
have experienced increased revenues, improved customer satisfaction and
reduced costs using Functionize’s solution. The company sells into a
rapidly changing $3 billion market.

Gary Little, General Partner at Canvas Ventures, stated: “I have been an
active investor in the enterprise software industry over the last 20
plus years. I recently became convinced that the quality assurance
software development market is ripe for disruption. I could see this in
my own portfolio companies. In seeking out an investment in the most
innovative company, I found Functionize and quickly became convinced it
had the most compelling solution for the market need.” Mr. Little has
had much success in the enterprise software industry; he led MuleSoft’s
Series-A investment in 2006 and served on its board until shortly after
the company’s IPO, which was one of the most valuable IPOs during the
last five years. Salesforce subsequently purchased MuleSoft for $6.5
billion. Mr. Little also was a General Partner at Morgenthaler Ventures
when it made the iconic natural language process investments in Siri and
Nuance Communications.

“Our customers are technology leaders which see the wisdom and power of
a ‘cloud-first’ testing strategy. Artificial Intelligence requires
significant computing power and the cloud allows you to harness this,”
said Functionize’s CEO and Founder Tamas Cser.

“Using Functionize’s solution, I was able to create new tests in minutes
instead of hours,” said Wilson Souza, lead QA engineer at TOTVS Labs, a
major Brazilian ERP software company.

Functionize has generated impressive results: companies have seen up to
6x increases in QA efficiency as shown in a recent TOTVS case study.
Functionize cuts test creation time by up to 90 percent and maintenance
time by 75 percent.

Additionally, autonomous testing provides valuable insights on how
customers interact with websites in real time. This allows product
managers and executives to make better go-to-market decisions while
maximizing their company resources.

“Software testing has endured what I term a QA Winter,” said
Cser. “This means developers and testers still maintain tests the same
way as they did in the early ages of the internet. Natural language
processing allows testing to just work - empowering testers to
dramatically speed up product delivery.”

To learn more about Functionize’s NLP and autonomous testing, visit Functionize.com.

About Functionize

Since 2015,Functionize
has been delivering the first AI-powered autonomous cloud-based testing
platform to automate the painstaking process of testing web
applications. Functionize seamlessly integrates with popular CI/CD
tools, boosting software quality throughout development and production.
To learn more about ALP™, AEA™, and autonomous testing, visit Functionize.com.